Applying for my second credit card

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g35x955
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Applying for my second credit card

Postby g35x955 » Mon Dec 14, 2015 8:39 pm

Hey guys, Ive posted before but Im still new to this. I would just like to hear your guys opinions on me applying for another card. Im 20 years old and Ive had credit for 9 months only so far ( Discover student chrome ). I was interested in applying for a store card like macys, sears, or even amazon. Discover tells me my fico score is 738. CK gives me two scored of 730 and 743. Always on time payments and always payed in full. What do you guys think my approval odds of some of these cards would be? It doesn't necessarily have to be a store card either, if you can think of any other card for someone like me with little history, please share. Id also love to know how you guys started out with credit, and the time frames of applying for different cards and things like that. Thanks guys
Discover IT $3000 (3/15)

Chase Freedom $4500 (12/16)


4ktvs
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Re: Applying for my second credit card

Postby 4ktvs » Mon Dec 14, 2015 9:11 pm

Your doing a better job than I did when I started out building credit. Discover wouldn't take me with no history so I settled for a store card to get the ball rolling. Then about 6 months later or so I got my first bankcard that was a %1 cashback card.

If I were you though I might want to wait until you have a full year of history under your belt. Then and this is just my 2 cents but I would recommend getting a Visa or mastercard of some kind. I don't really feel a AMEX card should be on the table at this stage and not because of getting approved but because nothing sucks more than being told "We take anything but AMEX" Or "Visa/mastercard only".

I think the capital one quicksilver would be a good 2nd card if you want a %1.5 cashback on everything card. I think you can likely get approved for any of the store cards you listed so if you really for say like to shop on amazon then maybe that would be a good 2nd card for you.

Really what you should ask though is do you want a flat X% of cash back/rewards on everything or do you want something that gives a higher amount of rewards/cash back on some things?

I think that would help posters suggest other cards that fit what your looking to add to your profile.

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CarefulBuilder14
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Re: Applying for my second credit card

Postby CarefulBuilder14 » Mon Dec 14, 2015 10:04 pm

g35x955 wrote:Hey guys, Ive posted before but Im still new to this. I would just like to hear your guys opinions on me applying for another card. Im 20 years old and Ive had credit for 9 months only so far ( Discover student chrome ). I was interested in applying for a store card like macys, sears, or even amazon. Discover tells me my fico score is 738. CK gives me two scored of 730 and 743. Always on time payments and always payed in full. What do you guys think my approval odds of some of these cards would be? It doesn't necessarily have to be a store card either, if you can think of any other card for someone like me with little history, please share. Id also love to know how you guys started out with credit, and the time frames of applying for different cards and things like that. Thanks guys

I'd set your sights higher than a store card (though the Amazon Prime card would be reasonable). I'd also suggest a Visa or MasterCard. Something without an annual fee is probably best while you figure out what's best for you (like whether you want cash back, travel rewards, or just a really low interest rate).

I started with an individual Chase Freedom, added a joint Discover It 4.5 months later, and an individual Amex Premier Rewards Gold two months after that. I've been adding one more card every 3 months or so since then.

How much do you spend each month on your Discover, and at what kinds of merchants (gas, groceries, restaurants, warehouse clubs, etc.)?
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

g35x955
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Re: Applying for my second credit card

Postby g35x955 » Tue Dec 15, 2015 6:07 pm

CarefulBuilder14 wrote:
g35x955 wrote:Hey guys, Ive posted before but Im still new to this. I would just like to hear your guys opinions on me applying for another card. Im 20 years old and Ive had credit for 9 months only so far ( Discover student chrome ). I was interested in applying for a store card like macys, sears, or even amazon. Discover tells me my fico score is 738. CK gives me two scored of 730 and 743. Always on time payments and always payed in full. What do you guys think my approval odds of some of these cards would be? It doesn't necessarily have to be a store card either, if you can think of any other card for someone like me with little history, please share. Id also love to know how you guys started out with credit, and the time frames of applying for different cards and things like that. Thanks guys

I'd set your sights higher than a store card (though the Amazon Prime card would be reasonable). I'd also suggest a Visa or MasterCard. Something without an annual fee is probably best while you figure out what's best for you (like whether you want cash back, travel rewards, or just a really low interest rate).

I started with an individual Chase Freedom, added a joint Discover It 4.5 months later, and an individual Amex Premier Rewards Gold two months after that. I've been adding one more card every 3 months or so since then.

How much do you spend each month on your Discover, and at what kinds of merchants (gas, groceries, restaurants, warehouse clubs, etc.)?


I spend on average about $450 on gas and restaurants. Im surprised your first card was the freedom card because Ive heard they're strict with people with less then two years of credit. I would love to have that card but I figured if I applied I would get denied immediately.
Discover IT $3000 (3/15)

Chase Freedom $4500 (12/16)

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CarefulBuilder14
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Re: Applying for my second credit card

Postby CarefulBuilder14 » Tue Dec 15, 2015 7:25 pm

g35x955 wrote:I spend on average about $450 on gas and restaurants. Im surprised your first card was the freedom card because Ive heard they're strict with people with less then two years of credit. I would love to have that card but I figured if I applied I would get denied immediately.

It might be tougher now, although I'd be surprised if they actually want to see two full years of history.

In 2013, Chase may have been more flexible about giving low-CL Freedom cards ($500 or $600) to people with little or no credit history, but who had a checking/savings relationship with Chase.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

kdm31091
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Re: Applying for my second credit card

Postby kdm31091 » Wed Dec 16, 2015 7:39 am

Since you already have one discover card with gas and dining categories id probably just opt for a simple flat cash back card for everyday spending for now. You can dive into the nuances of rewards later. Id go for a Capital One Quicksilver for 1.5 percent back on every purchase. Citi Double Cash is an option with 1 percent as you buy, and the other 1 percent as you pay, but likely to get you a smaller limit.

takeshi
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Re: Applying for my second credit card

Postby takeshi » Wed Dec 16, 2015 8:45 am

g35x955 wrote:Discover tells me my fico score is 738. CK gives me two scored of 730 and 743.

Discover provides a TU FICO 8. CK provides a TU and EQ VantageScore 3.0. The relevance of each of those scores all depends on the creditors that use them. You can reference the Credit Pulls Database (easily Googled) but keep in mind that it's never just about score alone.

A 738 FICO 8 is pretty good but with 9 months and a thin profile you may still have some difficulty with approvals. I really can't tell you what you would be approved for or not approved for. Rather than relying on something that no one can tell you for certain you should select cards that suit your requirements.

If you heavily use a store and can benefit from what a store card offers it could be a good option. If not, then find a credit card that suits you.

g35x955 wrote:Id also love to know how you guys started out with credit, and the time frames of applying for different cards and things like that.

I'm not sure it's all that relevant to you. I started out long ago. Timeframes are not fixed for all people. With a new and thin profile you're going to have to space out your new accounts as your profile supports it. That's about all we can really say. Whether or not 9 months is a sufficient track record isn't something we can really determine for you. IMO it's worth a shot. Worst case is that you have a denial and a list of reasons to use as a starting point for what to work on.

g35x955 wrote:Im surprised your first card was the freedom card because Ive heard they're strict with people with less then two years of credit.

It's never just about one factor. One's entire credit profile matters. Not meeting a qualification requirement doesn't mean that the creditor is "strict" with a certain group. Either one qualifies or one does not.

g35x955
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Re: Applying for my second credit card

Postby g35x955 » Wed Dec 16, 2015 4:23 pm

4ktvs wrote:Your doing a better job than I did when I started out building credit. Discover wouldn't take me with no history so I settled for a store card to get the ball rolling. Then about 6 months later or so I got my first bankcard that was a %1 cashback card.

If I were you though I might want to wait until you have a full year of history under your belt. Then and this is just my 2 cents but I would recommend getting a Visa or mastercard of some kind. I don't really feel a AMEX card should be on the table at this stage and not because of getting approved but because nothing sucks more than being told "We take anything but AMEX" Or "Visa/mastercard only".

I think the capital one quicksilver would be a good 2nd card if you want a %1.5 cashback on everything card. I think you can likely get approved for any of the store cards you listed so if you really for say like to shop on amazon then maybe that would be a good 2nd card for you.

Really what you should ask though is do you want a flat X% of cash back/rewards on everything or do you want something that gives a higher amount of rewards/cash back on some things?

I think that would help posters suggest other cards that fit what your looking to add to your profile.


Im going to take your advice and wait until I reach the one year mark and then apply for a card that suits me best. Thanks for responding.
Discover IT $3000 (3/15)

Chase Freedom $4500 (12/16)

g35x955
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Joined: Mon Nov 23, 2015 8:13 pm
Location: Long Island, New York

Re: Applying for my second credit card

Postby g35x955 » Wed Dec 16, 2015 4:26 pm

takeshi wrote:
g35x955 wrote:Discover tells me my fico score is 738. CK gives me two scored of 730 and 743.

Discover provides a TU FICO 8. CK provides a TU and EQ VantageScore 3.0. The relevance of each of those scores all depends on the creditors that use them. You can reference the Credit Pulls Database (easily Googled) but keep in mind that it's never just about score alone.

A 738 FICO 8 is pretty good but with 9 months and a thin profile you may still have some difficulty with approvals. I really can't tell you what you would be approved for or not approved for. Rather than relying on something that no one can tell you for certain you should select cards that suit your requirements.

If you heavily use a store and can benefit from what a store card offers it could be a good option. If not, then find a credit card that suits you.

g35x955 wrote:Id also love to know how you guys started out with credit, and the time frames of applying for different cards and things like that.

I'm not sure it's all that relevant to you. I started out long ago. Timeframes are not fixed for all people. With a new and thin profile you're going to have to space out your new accounts as your profile supports it. That's about all we can really say. Whether or not 9 months is a sufficient track record isn't something we can really determine for you. IMO it's worth a shot. Worst case is that you have a denial and a list of reasons to use as a starting point for what to work on.

g35x955 wrote:Im surprised your first card was the freedom card because Ive heard they're strict with people with less then two years of credit.

It's never just about one factor. One's entire credit profile matters. Not meeting a qualification requirement doesn't mean that the creditor is "strict" with a certain group. Either one qualifies or one does not.


You seem like you really know your stuff. Im most likely going to wait until I have a year of credit, maybe a little more and then apply for a card that would suit me best. Thanks for all the info.
Discover IT $3000 (3/15)

Chase Freedom $4500 (12/16)



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